Inflation in Poland

Poland - Inflation

Inflation stuck at near seven-year high in August

Consumer prices were unchanged over the previous month in August, matching July’s print, according to data released by the Poland’s Statistical Institute (GUS). The reading largely reflected higher prices for transport offsetting lower prices for vegetables, fuels and garments. Core consumer prices in July (the latest month for which data is available) rose 0.4% in month-on-month terms, following June’s 0.4% jump.

Inflation in August came in at 2.9% mirroring July’s reading, which had marked the highest reading since October 2012. It therefore remained above the midpoint of the Central Bank’s target range of 2.5% plus or minus 1.0 percentage point. For its part, core inflation rose to 2.2% in July from June’s 1.9%, the highest reading since July 2012.

All told, annual average inflation inched up from July’s 1.8% to 1.9% in August, the highest level in one year.

FocusEconomics Consensus Forecast panelists expect inflation to average 2.1% in 2019, which is down 0.2 percentage points from last month’s projection. For 2020, the panel sees inflation averaging 2.5%.

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